Nonsense - Google is hardly the "small guy".
Also, there are no restraint-of-trade issues here. All content providers, be they news media or others, are free monetize their sites by whatever means they choose (without breaking criminal laws) and if that means entering into exclusivity deals with search engines then that's fine from a legal point of view unless specific legislation is enacted in the future that says otherwise.
In terms of monopolistic activity, deals such as these would barely even rate 1 point out of 10. It's like a free-to-air TV channel buying exclusive access to a TV show (which happens all the time). All the viewer has to do is change channel - big deal.
Provided Microsoft offers enough money to the website owners to compensate them for loss of earnings due to loss of traffic there is no downside, so if Microsoft offers enough money, I would expect all the news media to jump aboard. If the money is right, it's a no-brainer.</added>